GST was introduced in the Country on 1st Jul., 2017 and was promised by the Government to be a Good and Simple Tax. However, we have observed that day in and day out we are being served various Notices from the department either to file the Returns or to Reconcile the differences between the Filed […]
INTRODUCTION From the beginning of GST Act, 2017 tax payers are facing one of the major problems while generating online challan for deposit of GST amount. The problem is writing the GST amount in wrong major head or minor head. For example a tax payer needs to deposit Rs. 2 lakh for IGST-Tax and Rs.250.00 […]
Understand the income tax rates for the financial year 2020-21 / AY 2021-22. Discover the different rates applicable to individuals, companies, and more.
APPLICABILITY OF Section 44AB Every person carrying on: > Business having turnover > 1 Crore rupees > Profession having gross receipts > 50 lakh rupees > Profit as per 44AE OR 44BB OR 44BBB OR 44ADA > Actual profit > Business to which sub-sec (4) of Sec 44AD applicable and income exceeds maximum amount not […]
The Finance Minister Nirmala Sitharaman made an important tax-related announcement in a press conference yesterday. To give more cash in the hands of taxpayers, she disclosed a rate cut of 25% on Tax Collected at Source (TCS) for specified receipts and Tax Deducted at Source (TDS) for non-salaried specified payments made to residents. Key Points […]
The issue under consideration is whether the Assessing officer is correct in rejecting the objections filed by the petitioner against the reasons for reopening the assessment without passing speaking order?
So the Union Budget 2020 has led to so many expectations (positive of course) for all the tax assessees in terms of one of the basic amendment- the main one for which we all were waiting for since every-time I guess… Changes in Income Tax Slab rates So here comes the New slab for Individuals […]
As in the present case before us, issues subject to revision were pertaining to original assessment and not the reopened assessment; the limitation should also start from the original assessment. In this case as original assessment order u/s 143(3) of the act was passed on 16.01.2014, the revision thereof could have been taken up to 31.3.2016
1. As per the section 2(14) a Perpetual Bond is a Capital Asset as the Assessee (i.e. your client in this case) is holding property in the bond. 2. As per the proviso to section 2(42A) a security (which also includes perpetual bond) listed on a recognised stock exchange will be treated as ‘Long Term […]
ANALYSIS OF SECTION 80JJA A. Applicability of Section 80JJA 1. This section applicable to all assesses i.e. corporate and non-corporate assessee. It is also applicable to non-resident carrying on business in India. 2. This section applies to any assessee to whom section 44AB applies i.e. applicable to a person who is required to get his […]
